Mytrah gets USD-137m loan for 150 MW of wind in India

Wind park in India. Featured Image: Regien Paassen/Shutterstock.com

February 25 (SeeNews) - London-based Mytrah Energy Ltd (LON:MYT) said Wednesday it has secured an INR-8.53-billion (USD 137m/EUR 121m) long-term loan from an unnamed Indian bank to back 150 MW of wind projects.

The company expects to completed the said capacity in the coming 12 months, before India's 2016 wind season kicks off. With the new wind farms, Mytrah’s nominal capacity will top 690 MW, it calculates.

So far, the firm has installed 543 MW of wind parks across six Indian states and it has 3,500 MW of projects in the pipeline, chairman and CEO Ravi Kailas noted. Last week, Mytrah agreed to construct a 220-MW wind park in the Indian state of Andhra Pradesh within 18 months under a deal with the local government.

India aims to boost its installed renewable plant capacity to a total of 170 GW by 2022, up from 34 GW at present.